GC Rieber Shipping — Earnings Release 2014

Nov 5, 2014

GC Rieber Shipping - third quarter 2014 results

GC Rieber Shipping - third quarter 2014 results

GC Rieber Shipping maintains stable and good operations throughout the third

quarter, and delivers the second best EBITDA result in the company's history.

Total fleet utilisation was 99 percent, compared to 96 percent in the same

period in 2013.

The group's operating revenues for the third quarter 2014 was NOK 240.7 million,

compared to NOK 215.0 million in the third quarter 2013. The increase is

primarily due to one vessel more in operations, as the newbuild "Polar Onyx"

started operations at the end of first quarter 2014. EBITDA ended at NOK 124.8

million, corresponding to an EBITDA margin of 52 percent. EBITDA for third

quarter 2013 was NOK 126.5 million, corresponding to an EBITDA margin of 59

percent.

GC Rieber Shipping had a profit of NOK 47.0 million for the third quarter,

compared to NOK 439.0 million in the same period in 2013. The solid result in

third quarter 2013 was due to an accounting gain related to the sale of "HMS

Protector" in September 2013.

"We are very pleased to again present a solid quarterly result, and see this as

a confirmation that we are well positioned in the market. A solid financial

platform and operational robustness in the operation of our vessels, allows us

to deliver solid results.  We are optimistic about the future. In a more

challenging oil market, modern vessels delivering services at competitive terms

and solid operations will be decisive for us and our customers", says CEO Irene

Waage Basili.

At the end of September 2014, GC Rieber Shipping had a contract backlog of NOK

3.2 billion, with an average contract duration of 2.4 years. The contract

coverage for the fourth quarter 2014, 2015 and 2016 is 100 percent, 67 percent

and 57 percent respectively.

Please find the report and presentation for the third quarter enclosed. A

presentation via webcast of the company's results will be available on GC Rieber

Shipping's website today at 16.30 p.m.

For further information, please contact:

CEO Irene Waage Basili, tel.: +47 55 60 68 67, or +47 90 09 86 88

CFO Einar Ytredal, tel.: +47 55 60 68 54, or +47 97 52 01 84

About GC Rieber Shipping:

GC Rieber Shipping's business within offshore/shipping includes ownership in

specialized vessels, high quality marine ship management and project development

within the segments subsea, ice/support and marine seismic. The group has a

unique competence in offshore operations in harsh environments as well as

design, development and maritime operation of seismic vessels.

GC Rieber Shipping currently operates 13 advanced special purpose vessels for

defined markets within the subsea, ice/support and marine seismic segments, of

which 11 are owned by the company. In addition, the company has one seismic

vessel for delivery first quarter 2015.

The company is headquartered in Bergen and has a ship management company in

Yuzhno-Sakhalinsk (Russia). The company is listed on Oslo Børs with ticker RISH.

Further information is available on the company's website www.gcrieber-

shipping.no.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1868916]